Oil Prices Extend Decline Amid Easing Rate Hike Expectations and Potential Strait Reopening

Crude oil prices continued to decline for the third consecutive day, falling by 1.36% in WTI crude and 1.06% in Brent crude, as market expectations for US Fed interest rate hikes cooled.

The Strait of Hormuz, a critical chokepoint for global energy supplies, may be reopened soon, according to reports from Qatar and the US Treasury Secretary, which contributed to the decline in oil prices.

In contrast, metals prices rose broadly across the board. SHFE lead saw significant gains, rising 2.61%, while SHFE zinc and lithium carbonate also posted notable increases of 1.38% and 1.45%, respectively.